All businesses, churches, and not-for-profit organizations must file business tangible personal property forms with the assessor’s office each year, even if qualified for an exemption.
Business tangible personal property is the value of all property besides real estate that is used in your business or organization. It includes equipment used in the production of income or held as an investment; billboards; furniture, foundations for the equipment; and all other tangible property other than real property. Computer application software is considered an intangible asset and is not assessable. Inventory is no longer taxed.
Licensed motor vehicles, trailers, motorized boats, most airplanes, campers, recreational vehicles, and other registered vehicles that are subject to excise tax collected at the time of licensure by the Indiana Bureau of Motor Vehicles are not subject to personal property tax.
Business Personal Property Exemption
If the cost of all your business personal property is less than $80,000, your business or organization is entitled to a business personal property exemption. You can attain this exemption by completing all the required forms; you will mark the checkbox at the top of Form 103-Long, Form 103-Short, or Form 102 indicating the cost of your assets is less than $80,000.
Each spring the Brown County Assessor mails the Business Personal Property forms directly to the Taxpayer and address of record to the taxpayer based on the previous year’s filing status. (For this reason, it is important to let our office know of any address changes).